Oil prices rose after two weeks of declines

Brent crude futures rose $1.28, or 1.96%, to $66.62 a barrel on Friday. U.S. West Texas Intermediate (WTI) crude gained $1.34, or 2.11%, to $64.71. Both benchmarks rose for the week after two weeks of declines. Brent is now up 2.75%, while WTI is up 4.9% from the previous week.

The US Department of Labor report showed that the unemployment rate remained at 4.2% in May. The economy added 139,000 jobs. Although the data from previous months was revised down, it indicates a moderate slowdown in demand for workers rather than a clear market collapse. Last year, average monthly job gains were 160,000. For the Trump administration, a rate cut would be welcome because it could stimulate consumer spending and thus increase demand for oil.

The Chinese news agency Xinhua reported that the trade talks between Xi Jinping and Donald Trump were held at Washington's request. Donald Trump assessed the conversation as "very positive" and emphasized that the United States is in a "very good position" in relations with China and trade negotiations.

The oil market remains sensitive to tariff news and economic data showing how trade uncertainty and U.S. tariffs are affecting the global economy. BMI analysts noted in a note Friday that additional factors include U.S. sanctions on Venezuela, which would restrict oil exports, and a potential Israeli attack on Iranian infrastructure, both of which could support higher prices.